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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  SABMiller plc    SAB   GB0004835483

Delayed Quote. Delayed  - 08/30 05:35:07 pm
4403 GBp   +0.48%
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SABMiller : MillerCoors says probe shows ex-employees embezzled millions

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04/03/2014 | 05:48pm EDT

MillerCoors, a U.S. joint venture between SABMiller Plc (>> SABMiller plc) and Molson Coors Co (>> Molson Coors Brewing Company), on Thursday said it had uncovered a multi-year scheme in which two former employees allegedly embezzled several million dollars.

MillerCoors, a U.S. joint venture between SABMiller Plc (>> SABMiller plc) and Molson Coors Co (>> Molson Coors Brewing Company), on Thursday said it had uncovered a multi-year scheme in which two former employees allegedly embezzled several million dollars.

"Based on an extensive internal and external investigation, MillerCoors believes former employee David Colletti embezzled several million dollars from the company over several years and that former employee Paul Edwards was involved to a lesser extent in the scheme," company spokesman Jonathan Stern said in a statement.

Stern said MillerCoors referred Colletti and Edwards to federal authorities for criminal prosecution and that the company is seeking to recover the funds from a combination of insurance and restitution in the criminal process.

A spokesman for the U.S. Attorney's Office in Chicago said no charges had been filed against Colletti and Edwards. He declined to confirm or deny that the two men were under investigation.

Reuters was unable to contact Colletti and Edwards for comment.

MillerCoors declined further comment and would not provide contact information for the two men.

Beer Business Daily, which was first to report MillerCoors' findings, said the alleged embezzlement involved falsifying invoices with certain vendors.

Beer Business Daily cited a memo from the CEO of MillerCoors as the source for its story. Reuters was unable to obtain the memo.

(Reporting by Lisa Baertlein in Los Angeles; editing by Andrew Hay)

By Lisa Baertlein

Stocks treated in this article : Molson Coors Brewing Company, SABMiller plc
Valeurs citées dans l'article : Molson Coors Brewing Company, SABMiller plc
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Latest news on SABMILLER PLC
01:33p SABMILLER : Form 8.5 (EPT/NON-RI) - SABMILLER PLC Amendment
10:41aDJSABMILLER : Elliott Capital Advisors, L.P Form 8.3 - Sabmiller Plc
10:28a SABMILLER : Form 8.3 - Anheuser-Busch InBev SA NV
08:58a SABMILLER : Form 8.3 - Anheuser-Busch InBev SA/NV
08:38a SABMILLER : Form 8.5 (EPT/NON-RI)Replacement SABMiller Plc
08:28a SABMILLER : Form 8.5 (EPT/RI) Replacement SABMiller Plc
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06:53a SABMILLER : Form 8.3 - SABMiller Plc
06:28a SABMILLER : Form 8.5 (EPT/NON-RI) - SABMILLER PLC
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Financials ($)
Sales 2017 16 265 M
EBIT 2017 4 692 M
Net income 2017 3 372 M
Debt 2017 9 114 M
Yield 2017 2,30%
P/E ratio 2017 26,72
P/E ratio 2018 24,13
EV / Sales 2017 6,31x
EV / Sales 2018 5,84x
Capitalization 93 493 M
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Mean consensus HOLD
Number of Analysts 15
Average target price 63,1 $
Spread / Average Target 10,0%
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Managers
NameTitle
Alan Jon Clark Chief Executive Officer & Executive Director
Jan Petrus du Plessis Chairman
Domenic De Lorenzo Chief Financial Officer & Executive Director
Geoffrey C. Bible Non-Executive Director
Dinyar S. Devitre Non-Executive Director
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Sector and Competitors
1st jan.Capitalization (M$)
SABMILLER PLC7.68%93 493
ANHEUSER-BUSCH INTERBR..-1.57%202 727
AMBEV SA9.00%94 830
HEINEKEN0.96%51 166
HEINEKEN HOLDING1.01%23 153
MOLSON COORS BREWING C..10.02%22 177
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